Saudi Arabia still reviewing Haj stampede


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JEDDAH // The review into the stampede at last year’s Haj in which more than 2,000 pilgrims died is still continuing. In a rare comment by a senior Saudi Saudi official, the kingdom’s minister of Haj and Umrah said that the authorities were still studying what happened in the tragedy.

“We already studied that and we are continuing to study this and, God willing, we’ll have many preventive measures and procedures that ... will not repeat what happened last time,” said the minister, Mohammed Bentin on Tuesday after a press conference in Jeddah.

The tragedy happened on September 24, 2015 as pilgrims made their way in searing temperatures to the Jamarat, the place where they ritually stone the devil in the Mina tent city in western Saudi Arabia, the birthplace of Islam. It was the worst disaster to ever strike the annual ritual.

Crown Prince Mohammed bin Nayef, the interior minister who also chairs the Haj committee, ordered a probe immediately after the disaster on but no findings have been disclosed. According to foreign officials, at least 2,297 pilgrims died but Saudi Arabia put the death toll at 769.

The Haj and the lesser Umrah pilgrimage bring millions of Muslims from around the world to Saudi Arabia every year. Saudi Arabia is keen to increase the number of Umrah visitors from six million a year to 15m as part of the country’s National Transformation Programme (NTP) for bolstering its non-oil economy. Also as part of the programme, Bentin said officials were “ready to evaluate each stage of Haj and each service, and whenever something goes wrong, God willing we’ll at least be able to act before anything serious can happen.”

Bentin said the Haj ministry was keen to use technology to monitor the service offered to pilgrims and to work with the private sector to introduce an “international standard of hospitality” to encourage a more constant flow of pilgrims throughout the year rather than only during the traditional pilgrimage season.

* Agence France-Presse

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Company profile

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